Oil

US President Donald Trump announced on Tuesday that America First Refining (AFR) will build a new refinery in the state of Texas. This means that the US will have the first major refinery built in the last 50 years.

Aramco, the world’s top oil company, said Tuesday that the conflict with Iran continues to disrupt shipping in the Strait of Hormuz, which could have “catastrophic consequences” for global oil markets.

No EU country has tapped its strategic oil reserves because of the escalation in the Middle East, European Commission spokeswoman Ana Kaiza Itkonen told a briefing on Monday.

Iraq’s oil production has fallen sharply amid ongoing conflict with Iran and problems with exports through the Strait of Hormuz.

The goal is to reduce the deficit on the world market by adding “hundreds of millions of barrels” of Russian oil caught in sanctions. The U.S. stresses that this is not an easing of sanctions pressure on Russia, but a measure to stabilize prices. Washington is also considering further lifting of sanctions on other Russian oil to increase supply.

In connection with the introduction of a high alert regime in the energy sector, the Customs Service of Moldova warned economic operators about the introduction of a number of restrictions on the export and re-export of oil products.

Oil futures rose sharply by more than 8% in early trading on Monday, reaching a multi-month high. In the first trading after the attacks on Iran, Brent crude, the international benchmark, rose 13% to reach $82.37 a barrel. However, it later corrected slightly and rose another 7% in London.

The military campaign of Israel and the United States against Iran, which began on February 28, increases the risks of supply disruptions and contributes to the growth of oil prices. In this regard, OPEC+ will consider tomorrow, March 1, a larger increase in supply from as early as the second quarter of 2026, Bloomberg reported citing a delegate.

Crude oil on the world markets traded in multidirectional quotes all week, but maintaining rather high prices and reacting nervously to geopolitical challenges. Before the weekend, the price of the main brand Brent consolidated above $71 per barrel and indicated clear intentions for further growth.

Budapest and Belgrade have decided not to wait for the resumption of Druzhba and have moved on to the active phase of a joint energy project to build an oil pipeline to pump Russian oil bypassing Ukraine, Logos Press reported.

The price of oil has hit a multi-month high, driven by active US preparations for military action against Iran despite ongoing talks between the countries, Logos Press reported.

Hungary and Slovakia announced Wednesday that they have suspended diesel exports to Ukraine amid growing tensions over oil supplies, Logos Press reported.